Category: Content

Drop shipping is a great way to sell goods without carrying an inventory. Your designated product manufacturers produce packages and send the product out to your customers because you have provided them with a low-cost platform. It is great for entrepreneurs, as it is a low-risk, low-cost, and decidedly automated business model. You are not required to buy inventory in bulk for low costs because the costs are already pretty low. You can quickly sell the products at a market value with healthy profit margins.

Drop Shipping Tips

With drop shipping, you are ready to start the business as soon as you sign up. Products are imported pretty easily from different vendors with a simple click. As the process is highly automated, the processing time is also significantly reduced, and the product can be delivered to the customer in a considerably less amount of time. Because the business operations are pretty easy to handle, you can shift your focus to developing the other aspects of the business. Some of the tips below will guide you in this regard.

Focus on Marketing for Drop Shipping

As most aspects of this business are automated, you will have plenty of time to focus on the other elements, such as marketing. While basic marketing strategies suggest using logos, aesthetic websites, and graphics for the business model, you must attempt to gain deeper insights into SEO and customized videos to grow your traffic and customer base.

SEO and ads will drive most of the traffic to your website; about 1–2% of those visitors are involved in a sale. Therefore, if your drop shipping business has less than 100 visitors, you will likely not make any sales.

It is also great for your business in the future, as a higher SEO ranking means your website will appear among the top searches, which is pretty significant at these times. Similarly, blog posts can boost traffic and must be used alongside your other marketing strategies.

Videos have the highest conversion rate to sales among all marketing elements. They involve multiple senses of the onlooker at the same time, which generates solid emotional associations. Creating an association with the customer is key for any business. It is even more important for online businesses because it’s the closest real-time experience you can offer customers before they physically feel their product.

Make an Offer They can’t Refuse

Running a successful dropshipping business requires you to make a compelling offer to your customers. Sales and bundle offers are the most popular among consumers as they give them better value. Not having any of your products on sale may be bad for business. However, if your products are of greater quality, inspired by a compelling marketing campaign, you may not need to offer sales.

A bundle offer must consist of similar products as it is generally more persuasive. For example, if you offer hair products, try to include a variety in the bundle for the same category.

Don’t Under Price

The advantage of running a drop shipping business is that you can keep the production costs low. You are acquiring the products at a wholesale price, so the costs are already low. Now, you can price your products at market value or lower depending on your planned profit margin.

Many businesses make the mistake of keeping product prices too low because they think customers will not buy if they don’t. Although the costs of acquiring the products are low, you still need to cater for all of the indirect costs related to marketing, payrolls, and other business expenses.

Also, consumers generally perceive low-cost products to be of lower quality. They don’t buy it just because the price is too low to be true. Don’t make that mistake. Price your products appropriately around their market value so that you can reap all drop shipping benefits.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Inventory

Companies involved in manufacturing and selling physical goods must record them as assets in their books and expenses at the time of their sale. Manufacturing companies usually deal with three inventories: materials, work in process, and finished goods. Retailers only have to deal with one inventory, which is merchandise. In all cases, a company has to sell inventories to make profits. Before it is sold, it serves as an asset for the company. However, after merchandise is sold, the cost covers an expense called the Cost of Goods Sold (COGS). The cost is then transferred from a balance sheet to an income statement via journal entry in bookkeeping terms.

Companies maintain a significant amount of inventory to manage their day-to-day operations. However, it is an important asset that needs to be monitored closely. Storing too much inventory can cause issues related to decreasing cash flows, storage costs, and losses if the item turns archaic. Similarly, too little of it can result in lost sales and customers.

Indirect costs or overhead costs that cover depreciation, factory maintenance, cost of factory management, electricity, etc., are allocated to inventory, depending on the production levels. Overheads are frequently assigned based on direct labor hours or the number of machine hours.

Cost of Goods Sold

Cost of Goods Sold represents the cost of goods or merchandise sold to customers. Unlike inventory, which is mentioned on the balance sheet, the cost of goods is reported on the income statement. All costs to get the merchandise into the inventory and then ready for sale are included in the goods’ cost. The cost of acquiring it from the supplier, shipping costs, and all other costs are included. Direct materials, labor, and overhead costs are also included in the goods sold.

For services, the cost of goods would account for labor, payrolls, and benefits. All of the direct costs associated with the production of the product are the cost of goods. It is essential to highlight that goods not sold during the year and still in inventory would not be included in calculating the COGS. Only the goods that were sold are included.

Cost Flow Assumptions

There are three methods that the IRS accepts to move the cost from the balance sheet to the income statement. The accepted methods are FIFO (First In, First Out), LIFO (Last In, First Out), and Average Cost. They are what the names suggest. First out means that goods that arrive first should be removed at an original cost. It doesn’t matter if the cost of goods sold has increased for the new batch. You would have to record at an actual price. Each cash flow assumption can be used in both systems mentioned below.

Periodic Inventory System

Under the periodic system, the inventory account amount is not updated at the time of purchase. The account is only updated at the end of the year. It means the account would show the cost of last year’s stock for the whole year.

All the purchases related to merchandise are recorded in either one or more purchase accounts. At the time of year-end, the purchase accounts are closed, and the stock account is matched with the cost of merchandise at hand. Under the periodic system, the cost of goods sold does not exist in the account to record merchandise sales. It is calculated as beginning stock + new purchases – ending stock. You could not figure it out while looking at a general ledger account.

Perpetual Inventory System

Under a perpetual system, the stock account is continuously updated. The cost of merchandise purchased from the suppliers is added to the account, while what is sold to the customers is constantly being reduced from the account. There is no room for purchase accounts under this system.

The cost of goods sold account is debited at the sale, precisely for the merchandise’s cost. There must be two recorded journal entries for the sale of any merchandise. Sales and accounts receivable are recorded as one entry, while the other caters to reducing inventory and increasing the cost of goods sold.

FIFO, LIFO, and Average cash flow assumptions are combined with either perpetual or periodic systems to account for the stock’s cost at hand. It is up to you to choose any one of them at your convenience.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Every business owner knows that many aspects of running a company can get hectic. For example, bookkeeping can become a demanding task. Another serious business chore is keeping track of expenses, so many choose to use a credit card to conduct company transactions. Month-end statements make it much easier to track expenditures.

Many companies in the market offer business-oriented credit cards; however, business owners often avoid using such a card, thinking it may compromise many benefits offered on personal use cards.

Therefore, should entrepreneurs use their cards or move to business credit cards to make purchases for their company?

Using Personal Credit Cards for Business Purchases

Yes, it is possible to use a personal credit card for business transactions, and it even has some benefits. One of the most important reasons for using a personal card is the CARD Act of 2009. The act prevents credit card providers from charging higher fees and increasing interest rates than personal cards are subject to. Business credit cards do not enjoy these protections. The second reason relates to the rewards and benefits of using a personal credit card. There is almost always an incentive program to encourage the use of personal cards.

On the other hand, business cards do not offer as many benefits as personal cards. Some offers might be intended to attract businesses, such as purchasing office supplies at a discounted rate. However, it might still not be a lot.

It would be best if you did some research to check and see what benefits suit your business and choose a credit card based upon those benefits, be it a personal or business card.

Don’t Count Out Business Credit Cards

Although the prospects of choosing a personal credit card sound desirable, you should not dismiss the possibility of getting a business card. There are certainly a lot of advantages associated with getting a business card. The additional services offered with many business cards might be just what your company needs.

A typical example is a business handing out credit cards to its employees. This need is facilitated by most credit card providers who provide multiple cards associated with a single account. On the other hand, personal credit cards are for individuals and do not offer these services.

Another advantage associated with business cards is spending more than one could on personal credit cards. It is useful, especially for companies with many monthly expenses they must put on their card.

Suggestions for Success

Now that you know both sides of the story, it is recommended that you take a close look at the structure of your business expenses. Once you’ve assessed your business’s needs, you can conclude which card (business or personal) is better for your company’s operations. Once you do get the card you want to use for business, keep the following suggestions in mind:

• Refrain from mixing business and personal cards, leading to messy bookkeeping.
• Use the tools provided by your credit card company to keep track of your business’s expenditures. It is the main reason enterprises go for credit cards. It is recommended that you don’t ignore this suggestion.
• Build healthy credit habits. These include paying the credit card bills when they are due and in full. Remember that you are using a credit card to keep track of your expenses and that it should be your priority to avoid interest payments and maintain a good credit score.

Conclusion

Using a credit card to keep track of business expenses is always a desirable option. When choosing a card, you will use it in your business operations. It is always wise to look around for what is offered and at what price. Having healthy credit habits to fully utilize the card without incurring unnecessary liabilities is also necessary.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Positive cash flow is the lifeline of SMEs (small and medium enterprises). It is vital to supporting and raising a business. Cash flow is not just bookkeeping the amount of money coming in and going out of a business. SMEs can save money by adopting the strategic approach to control cash flow. This saved money can be invested in new markets and products from the bookkeeping. Loans can be paid off by controlling cash flow. SMEs will be in a much stronger situation with positive cash flow and can easily attract financiers and lenders with attractive funding conditions and at more excellent discount rates.

Steps to Positive Cash Flow

Targets for Cash Flow

Set targets for positive cash flow. Generate a forecast and update it every week to have better control over cash flow. Andrew Jhonson, a financial advisor, states that controlling the creditor’s setting is vital for the attention, satisfaction level, and ownership to succeed and rise. Bookkeeping of incoming and outgoing cash should be implemented to have better control.

Payment Terms are Clear

It is crucial for controlling cash flow to have clear terms for payment. It determines when and how you will be paid without delay. The National Specialist Construction Council CEO, Suzanne Nichol, pointed out that if the company doesn’t keep a record of overdue payments, they will not manage the cash flow.

Invoice Promptly

Pay invoices promptly to have positive cash flow in SMEs. Marion Thomson advised clearing invoices as soon as possible. Sending invoices through emails is more efficient as they are delivered quickly and automatically recorded in the emails. Bookkeeping will help you look at all of the transaction history.

Easy Payments for Customers

Payment schedules should facilitate the customer as much as possible. Thomson advises. “Try to avoid being paid by check as it will result in a delay before the money arrives in your bank account,” she says. “Online payments are a much better option.”

Offer Clients Payment Packages at Fixed Rates

To ensure positive and more substantial cash flow in SMEs, offer payment packages at fixed alerts and periodic intervals.

Establish Payment Schedules to Minimize Debtor Days

Many SMEs practice a long duration of payment and invoicing. It should be minimized to manage cash flow effectively.

Manage Cash Flow by Utilizing Technology

Cash flow management becomes relatively easy if we use technology. Entrepreneurs with limited management time have developed and adopted many accounting software programs.

Focusing on Cash Flow Rather than on Profit

Your profit will be in order if your cash flow is in order. “A lot of new businesses do not make it past six months. They might have been a profitable business eventually, but they need to have a good cash flow to survive,” Agnes Cserahti says. She estimated that 90% of SMEs never planned cash flow, though they have many years’ profit forecasts. It is one of the primary reasons for failure in an early stage of business.

The new business should work with reliable clients who pay quickly.

Training Employees Regarding Cash Flow Monitoring

For example, a few SMEs, Manchester-based Ratio Law LLP, assign a devoted individual to follow the money coming in and going out. Staff training regarding positive cash flow management and bookkeeping should be scheduled to get optimum benefits.

Keep Bank Informed

Your bank can suggest helpful business services—for example, overdrafts and credit, mainly when they are starting. So you must be well aware of these services.

Conclusion

Clear payment terms and email invoicing are essential for positive cash flow. Following all of these points will ensure your success as an SME.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

It is not your fault, and you are certainly not alone in facing financial management difficulties. It may not be your area of expertise to put debit and credit at the top of your priorities, which is normal! As an entrepreneur, it is your prime duty to focus on the core matters of your home-based business and care the least about money-management affairs. Several accounting services can care for your finances with the utmost secrecy and confidentiality. Home-based businesses or industries are growing on a massive scale, meaning the demand for accounting and bookkeeping services has increased significantly.

Gone are the days when trusting online accounting and bookkeeping services used to haunt businesses. Now, the accounting houses are so professional that they will not dare to get involved in any unethical activities because they know that if they are going to do such things, people will sue them. However, home-based businesses find it extremely difficult to manage and overcome accounting and bookkeeping challenges, as they lack superior accounting or even basic accounting knowledge, skills, and experience in tackling challenging financial concerns. For that purpose, hiring the services of experienced and well-qualified professional accountants or bookkeepers is a must.

Hiring the Right Accountant

The biggest misconception about accounting and bookkeeping services is that they are too expensive. Not every bookkeeping firm or individual(s) with accounting knowledge charges you a lot. With so many options on the internet, you can easily find the right strategic fit suitable for your pocketbook. Home-based businesses may have little or no knowledge of account receivables/payables, financial paperwork, payroll, cash flow, or closing of financial books at the end of a specified period.

Overcoming these accounts and bookkeeping challenges requires hiring pro-level services of qualified accountants and bookkeepers. Moreover, the time and money invested in procuring the right services always pay off in the long run of your business journey. Hiring accounting services may seem challenging, but once you find the services of your choice and specifications, it will sketch a clear picture of your overall financial standing. For home-based businesses, the right accountant or bookkeeper can serve the right need, and when the need is served, the purpose of the business is served.

Using the Best Accounting Software

If hiring an accountant to combat accounting and bookkeeping challenges is not an option, accounting software is better. As a business continues to expand and grow, the dynamics of the accounting system in place will change. The system must either be upgraded per the new specifications or replaced entirely.

There could be several reasons this could happen, perhaps due to increased work staff, increased customer base, business growth and expansion, and evolving industry-specific needs. Therefore, home-based businesses need to ensure that the system recognizes all financial transactions and helps them track each of them when needed. Whether you are a small-scale business or a large one, you need to develop custom accounting software if all other accounting software fails to serve the proper accounting needs of your business.

Staying On Top Of Cash Flow

The theory is simple: Businesses that do not stay on top of their cash flow or are not successful in managing their cash influx and outflow will not be able to survive in the competitive business environment for an exceedingly long period. This comprehensive statement indicates that it is essential for home-based businesses to manage their cash flow to the best of their abilities and commitment.

However, suppose you expect to combat accounting and bookkeeping challenges and stay on top of the cash flow. In that case, you should consider hiring a professional accountant/bookkeeper or using the right accounting software. Streamlining the process is the critical step to achieving success and strategic goals. Hence, you must be careful and play an active role in deciding the fate of your company.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

In the dynamic realm of Information Technology, professionals are engaged in an ongoing battle to uphold the seamless operation of businesses. Amidst this perpetual challenge, a momentary respite becomes a valuable opportunity for IT experts to momentarily ease off the accelerator and strategically assess the path forward.

In the following discussion, we aim to distill key insights and offer practical tips for addressing various challenges encountered in the intricate landscape of IT.

Security is the Number 1 Concern

After a year of extensive cyber threats, it’s clear that a diverse attack could happen at any time on nearly any part of the network. Highly-publicized data breaches have catapulted security to the top spot in the survey, with over 25 percent of respondents highlighting it as a significant concern. As cyber convicts become more sophisticated and better-funded, the reality is that we are not doing enough to keep up.

Heading into 2018, the focus for security needs to be data protection. Data breaches stole first place in the security category, while securely transferring data ranked at number two. End users often won’t consider the risks when selecting a method to share information, and unsurprisingly, data, i.e., mid-transit, has the highest probability of loss. Scheduling your approach to security is essential and will help you understand where your system is weakest.

Privacy will Undergo a Huge Overhaul

There are massive changes to the way data can be adequately transferred. Businesses will find privacy at the forefront of their agendas. There can be severe insinuations for companies storing data long after being transmitted for technological giants such as Google and Amazon and businesses using Dropbox services. In any situation, keeping up with evolving security threats while meeting new privacy standards will be one of the biggest challenges in 2018.

In light of these changes, compliance was another matter highlighted by research as a concern. Whether it is the healthcare, financial, or legal sectors, many industries require full transparency and must secure their business-critical data. With the introduction of new data privacy regulations, all businesses will have to comprehend and obey what is being asked of them. An awareness and education program could benefit an organization by helping to share the compliance burden.

Standing Out will be a Major Challenge

IT teams are also looking to revolutionize and need to tackle application performance and monitoring issues. As networks become increasingly demanding and dispersed across many platforms and devices, every aspect of the infrastructure must be monitored to optimize efficiency and highlight performance issues, from applications, servers connected devices and virtual environments.

Keeping Up with New Technologies will Prove as Difficult as Ever

As technological advances continue to push on at an exceptional rate, the invasion of new devices such as smartwatches and fitness bands and the streaming of high-bandwidth content will pressure IT pros. A clear action plan must be implemented when arraying new technologies, handling user devices, and ensuring new technologies are compatible with the existing infrastructure. It will ensure the IT department isn’t left gasping at the starting line.

In addition to precise planning, implementing automated systems to tackle repetitive tasks will open up your time to run IT infrastructure and business-critical setups. Training staff could save time and troubles later when new technologies are implemented, increasing efficiency and productivity while ensuring that workforces make the most of the available technology.

Conclusion

IT professionals have a lot on their plate with many concerns: data protection and management, storage, device management, automation, and reporting. The simplest solution is this – don’t attempt everything. Decide what is achievable for your department and follow through with your improvements.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Are you struggling to get your finances in order? Is a pencil-and-paper drafted budget or that endless spreadsheet just too time-consuming to manage? If any of these describe your situation, you no longer have to worry! Fortunately, plenty of budgeting and bookkeeping apps allow you to easily track your spending, save money, and pay your household bills simply by using your phone and tablet, especially when you habitually check your phone many times a day.

With today’s smart personal finance apps, managing your money, sticking to your budget plans, and even making investment decisions are far easier. However, not every tool out there is suitable to your needs or worth downloading and learning to use. That is why we have developed our favorite five essential apps to help you monitor your spending habits, save money, and pay your household bills on the spot and on the go. 

Mint: Best Way to Manage Your Finances

Mint is among the most essential apps for personal finance to help you manage your money in one place. It is an effective all-in-one tool for budgeting, tracking your spending and household bills, and getting smarter with your money. In addition to your monthly bills, it allows you to connect all your bank and credit card accounts easily. Thus, with all your finances conveniently in one place, you eliminate the hassle of logging into multiple sites.

With Mint, you can create budgets seamlessly, get suggestions based on your spending, schedule payments on the go, get reminders, get specific advice to control your money and budget, and eventually improve your financial outlook. The free credit store is another advantage. This truly is an all-in-one package deal.

Wally: Seamlessly Track Your Money 

Like being organized with your workplace expense reports, Wally is a great choice and a free essential app if you want to stay updated with your expense tracking. Take a picture of your receipts with Wally rather than manually logging your expenses. This app also saves you time by filling in data when you use geo-location on your smart device. This neat, streamlined app is immensely convenient, especially for gaining better insight into where your dollars are going.

Digit: Automate Your Savings

If you are looking for ways to automate your savings, Digit is one of the most essential apps to save your inherent habits. The app analyzes your income and spending patterns when you connect it to one of your bank accounts. Based on that pattern, the app then puts aside a certain portion of your funds in an FDIC-insured bank account for spending purposes that you can access and take out money conveniently at any time. 

Communicating with Digit is simple and fun: simply open the app or text the bot to let us know how you are doing. This makes it super easy to set up different savings goals. Also, you earn Digit savings 1%-annually, paid out every quarter, and backed by a no-overdraft guarantee. You receive a text every morning telling you to check your account balance, which is another excellent feature. Surprisingly, it offers a 100-day free trial for both iOS and Android users.

Credit Karma: Improve Your Creditworthiness

If you seek ways to raise your credit score, Credit Karma is one of the most essential apps and an indispensable smart tool to achieve your goal. Not only does it update you with your Equifax® and TransUnion® credit scores, but it also gives you insightful recommendations to boost your creditworthiness.
It can provide you with a complete TransUnion credit report in-app upon request that you can use to view (and dispute) disparaging signs on your account, and you can view a comprehensive breakdown of your credit usage. Fortunately, this is also free. Credit Karma does share your personal information with Equifax and Transunion.

Clarity Money: Monitor Your Credit Score and Cancel Subscriptions

Credit Money is another one of the most essential apps you can use to track your credit accounts, especially considering the recent Equifax breach. This nicely designed budgeting tool ensures an easier execution of your routine financial tasks. It also allows you to set up automated savings for certain goals.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Spend Time Carefully

A common concept is that money is the asset for small business owners, but time is the real asset. If you lose money for any reason, it will come to you one day if you work hard. What cannot come back is the time you have once wasted. So, spend your valuable time carefully on activities that make a difference for your business.

Many small business owners spend much time at trade shows and exhibitions to increase exposure and sales. They collect hundreds of cards from people who are interested in your product. After the trade show, you contact them to get a purchase order from them, but they are not interested in your products. Your goal is not to waste time on such dead ends.

Identify potential customers and spend time with them. Answer their queries about quality, price, return policies, and customer service in detail, making them happy and satisfied clients. These customers will not only purchase your product but refer others to you. This referral will increase the sales of your small business like no other.

Listen to the Customer’s Problem

In today’s world, everyone is interested in their problems. The same rule applies to your customers. They are interested in their problems and seek help to resolve them. Your foremost strategy is to ask customers about issues they are facing as a small business owner. Ask them about their needs and the types of products they are searching for.

When you ask customers about their problems, they feel heard and important. They happily tell their situation in detail. After listening to them completely, start discussing the solution that your product will provide them. The seventh feature of your product may be the solution, but while describing your product to this particular customer, tell them that seventh characteristic first. After finding a solution, the customer feels relaxed and will listen to the rest of your sales pitch discussion happily and attentively.

The customer who finds a solution in your product will likely buy it, and this small business strategy will increase sales.

Contact prospective customers yourself

When a customer does not respond to your email, reply to your email instead of sending a new one. Replying to your email serves two purposes. One is that the client will see the original email. Secondly, you come to know whether or not the first email was received. If, after the second email, the client says that they are not interested in your product, that’s why they didn’t respond to the first. Stop wasting your valuable time and end up contacting them.

Often, the customer says they are interested but cannot respond to the first email for some reason. Accept them. However, if there is no response to the second email, send the third email after a few days. Ask the client directly whether you should stop contacting them or not. This email has a positive effect. An interested client will send a correspondence email as early as possible, and the other will send a refusal. After knowing the exact status, proceed accordingly.

Personal Communication

Personal communication can increase the sales of a small business. This strategy proves extremely useful because, after personal contact, the customer doesn’t consider your email just an automated response. In a private message, discuss the customer’s experience with your product. Ask them if they have any questions or concerns. In personal correspondence, the client should know you are trying to write them a private message despite your busy schedule. By valuing your prospective customers, sales can be increased tenfold.

Build an Energetic Team

Build a positive attitude of teamwork within your sales workforce. Could you not do things to divide them? The best sales team is the one that works together. They can communicate frequently and freely by building positive dynamics within a team. Sales are increased by utilizing information shared within the group. Teamwork increases sales in the long run, independent of the size of the sales.

Conclusion

An increase in sales can be achieved by following a few simple strategies. These strategies revolve around the customer always. As they say, the customer is always right.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Daily, many organizational activities occur, including production, distribution, sales, and business procurement. These processes generate invoices, memos, purchase orders, and documents daily. Most of these documents are through the accounting department, creating a mountain of paper for bookkeeping. Most of these papers contain sensitive information. Hence, it’s not possible to throw them out. Disposing of these requires special machines and shredders; they don’t come cheap!

Companies must invest in paperless accounting software to steer an accounting department toward going paperless. Usually, someone from an accounting department needs about 3 minutes to get a file from a cabinet. But in a real-life situation, it’s never 3 minutes. Adding distractions along the way, like going to the bathroom, talking to a colleague, getting a drink of water, and many other distractions, make it a 20-minute task! The estimated 20 minutes does not include the time it takes to consider the effort it will take if the file is misplaced or stored in a different storage unit.

Fortunately, with different accounting management programs and ERP solutions for corporate use, an accounting department can become paperless in no time, saving effort, time, and precious resources. Here, we will highlight five ways to help you keep the accounting department paperless.

Time Management and Document Handling

When your company’s accounting department is entirely paper-based, listing and storing each document needs a sophisticated and seldom confusing process. For example, every time a purchase order arrives in the accounting department, the accountant must place it in a separate section with the time and date it arrived correctly logged. Logging the time, date, client name, and order details helps retrieve the document, but it takes a lot of time and effort. Moreover, the accountant or bookkeeper is bound to make a mistake and incorrectly file the document at some point.

On the other hand, if you invest in accounting software, the accountant won’t need to file every document manually. The software will automatically generate invoices, sales reports, and purchase orders for every item. The accounting software will save time and make the entire documentation process simple, convenient, and easy to retrieve.

Reduce Supply and Storage Cost

The accounting department’s documents rely on storage facilities, cluttered with file cabinets and drawers overflowing with paper, printer supplies, and envelopes. The software will assist in making the accounting department go entirely paperless. With no papers to store and record, the department won’t need large cabinets to keep them. A paperless office in an accounting department will be cost-effective regarding spending money and space on storage units.

Make the Retrieval Process Easier

Having accounting software makes retrieving information about any specific file easier without the need to fish through thousands of files in a large cabinet. The software makes the accounting department entirely paperless by its streamlined operations. Each file has its code or a serial number that allows swift access to any file, anytime. Proper content management features of the software help organize all the files according to any category the company needs to transform the workspace into a paperless office.

Swift Response Time

When you have efficient paperless office software to handle all business operations and content management, it is easy for managers and accountants to reduce their response time for queries from different departments. For example, suppose a customer calls to complain about a product defect in a new purchase, using the designated serial number for the product. In that case, the accountant can retrieve all the necessary information about the product.

Invoice Processing is Easier and Faster

As the accounting software for bookkeeping relies on electronic invoice processing, it eliminates the need to make the accountant enter the data on the invoice manually. Using software makes the procedure of invoice generation and storage relatively easy. Some software has a scan feature that allows the accountant to scan any crucial invoices on paper.

Conclusion

Going paperless in any business is not just cost-effective and comfortable. It also makes it easier for accountants to record all the invoices. It makes it easier for an accountant to manage all the files and invoices needed for effective bookkeeping, as they are electronically generated. Going paperless in an accounting department is a step towards having a greener and better environment.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Keeping an enterprise running can be challenging, specifically in today’s competitive and fast-paced economy. Whether you own a start-up or a well-established business, finding yourself in trouble with unpredictably unpredictable bookkeeping is easy. When this occurs, and you can no longer keep up with your corporate debts, you may be speculating about what you can do to take care of your financial responsibilities while still protecting your business in the long run.


Businesses, like entities, sometimes suffer from too much debt. Taking on the right amount of liability at the right time can mean the difference between a business that scuffles and one that prospers. According to the U.S. Small Business Administration (SBA), roughly 50% of small businesses are unsuccessful within their first five years, mainly because of inadequate capital, poor credit activities, and too much debt. Gratefully, we have devised a periodical order for you to follow when paying your priority debts.

Taxes

The money you accumulate for federal payroll, state sales, and income taxes does not belong to you; it goes to the government. And if you don’t pay these tariffs at the correct time, you will face stiff charges and penalties. The Internal Revenue Service (IRS) has broad authority to garnish incomes, take control of business gear and property, and even get a hold of funds from an Individual Retirement Account (IRA). It can also corrupt you for failing to deposit your applicable payroll taxes.

Payroll

Not only do some national laws impose fines for not paying your employees’ salaries on time, but if you don’t take care of the individuals who labor for you, you risk losing them and your industry. You may think of your workers as a family, but missing payroll may encourage them to look for other prospects.

Aged Payables

An aged payable bill is past due for 60 days or more. These bills threaten your corporate credit score, making it more problematic to secure future bankrolling.

Utilities and Rent

You can’t run a company without power and a phone line. Lights, internet service, heating, air conditioning, etc. are necessities. If you are overdue on your utility bills, your facilities can be cut off, leaving you in the dark. Try to look at your bookkeeping records and exchange a payment plan with your service suppliers. And don’t assume they won’t pull the plug if bills are left due.

Key Retailers and Purveyors

You depend on your key vendors and suppliers for your company to function. They also rely on you for their establishments to prosper, so everyone is concerned about keeping these relationships healthy.

Secured Debts and Dues You Have Assured

If your business is a sole proprietorship or partnership, you are individually accountable for all your business debts. If your business is a corporation or LLC (Limited Liability Company), you are only legally responsible for debts that you guaranteed. In either circumstance, you must pay these compulsions before any unsecured debts or loans are reimbursed.

Insurance Payments

You don’t want to function without liability insurance for any prolonged time, but if you need to eradicate a specific expense, you might have to take the risk. Before letting insurance lapse, try to lessen premiums by down-scaling coverage or increasing deductibles.

Large Bills vs. Small Bills

Keeping your business credit score high is imperative when ordering your payments. Missing large bills will have a superior negative impact on your credit score because they carry more mass. Also, big companies are expected to report a delinquency to the credit agencies. Conversely, occasionally, you might need to pay smaller bills to companies that depend on your business for their subsistence.

Final Note

Preparing for a cash flow problem while bookkeeping in advance by putting aside sufficient funds to pay your bills and creditors during sluggish economic times is your best defense against financial trouble down the road.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.